Examples of recent questions relating to leasehold conveyancing in Drybrook
I am on look out for some leasehold conveyancing in Drybrook. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Drybrook - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Due to complete next month on a studio apartment in Drybrook. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Drybrook should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I own a leasehold house in Drybrook. Conveyancing and Barclays mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Drybrook who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Drybrook conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Drybrook which have approximately 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Drybrook is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Drybrook conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Are there frequently found problems that you see in leases for Drybrook properties?
There is nothing unique about leasehold conveyancing in Drybrook. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I own a 2 bed flat in Drybrook, conveyancing having been completed 2005. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Drybrook with an extended lease are worth £201,000. The ground rent is £65 per annum. The lease runs out on 21st October 2079
With just 58 years left to run the likely cost is going to range between £26,600 and £30,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.